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|   | A.     | Financial Statements of Real Estate Operations Acquired                                 |
|--------|--------|-----------------------------------------------------------------------------------------|
|   |   | Independent Accountants Report                                                          |
|   |   | Statement of Revenue in Excess of Certain Expenses for the year ended December 31, 2010 |
|   |   | Notes to Statement of Revenue in Excess of Certain Expenses                             |
|   |   |                                                                                    |
|   | B.     | Pro Forma Financial Information                                                         |
|   |   | Unaudited Pro Form Consolidated Balance Sheet                                           |
|   |   | Unaudited Pro Forma Consolidated Statement of Operations                                |
|   |   | Notes to the Unaudited Pro Forma Consolidated Balance Sheet and Statement of Operations |

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| 4211 CEDAR SPRINGS ROAD                            |   |
|----------------------------------------------------|--------|
| Statement of Revenue in Excess of Certain Expenses |   |
|                                               |   |   |   |
|                                               |   |   |   |
|                                               |   | Year Ended December 31, 2010 |   |
|                                               |   |   |   |
| Revenue                                            |   |   |   |
| Rent                                               |   | $ | 746,464 |   |
| Expense reimbursements                             |   |   | 2,817 |   |
|                                               |   |   |   |   |
| Total revenue                                      |   |   | 749,281 |   |
|                                               |   |   |   |   |
| Certain operating expenses                         |   |   |   |   |
| Operating and maintenance                          |   |   | 248,207 |   |
| Real estate taxes and insurance                    |   |   | 75,740 |   |
|                                               |   |   |   |   |
| Total certain operating expenses                   |   |   | 323,947 |   |
|                                               |   |   |   |   |
| Revenue in excess of certain operating expenses    |   | $ | 425,334 |   |

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|   |   |
|--------|--------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

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| KENT INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES                 |   |
|--------------------------------------------------------------------|--------|
| PRO FORMA CONSOLIDATED BALANCE SHEET                               |   |
| December 31, 2010                                                  |   |
|                                                               |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |
| ASSETS                                                             |   | Historical Amounts |   |   | Cedar Springs |   |   | Pro Forma Amounts |   |
|                                                               |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                          |   | $ | 9,555,369 |   |   | $ | (4,325,000 | ) |   | $ | 5,230,369 |   |
| Prepaid expenses and other current assets                          |   |   | 10,618 |   |   |   |   |   |   |   | 10,618 |   |
| Real estate assets:                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|   Land                                                   |   |   |   |   |   |   | 1,280,000 |   |   |   | 1,280,000 |   |
|   Buildings and improvements                             |   |   |   |   |   |   | 1,659,679 |   |   |   | 1,659,679 |   |
| Intangible assets:                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|   Leases in place value                                  |   |   |   |   |   |   | 1,624,052 |   |   |   | 1,624,052 |   |
|   Unamortized tenant improvement allowances              |   |   |   |   |   |   | 530,444 |   |   |   | 530,444 |   |
| Other assets                                                       |   |   | 5,500 |   |   |   |   |   |   |   | 5,500 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total assets                               |   | $ | 9,571,487 |   |   | $ | 769,175 |   |   | $ | 10,340,662 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   Accounts payable and accrued expenses                  |   | $ | 26,217 |   |   |   |   |   |   |   | 26,217 |   |
|   Below market lease value acquired                      |   |   |   |   |   | $ | 769,175 |   |   |   | 769,175 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total liabilities                          |   |   | 26,217 |   |   |   | 769,175 |   |   |   | 795,392 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity:                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                                       |   |   | 7,111 |   |   |   |   |   |   |   | 7,111 |   |
| Additional paid-in capital                                         |   |   | 99,371,226 |   |   |   |   |   |   |   | 99,371,226 |   |
| Accumulated deficit                                                |   |   | (89,833,067 | ) |   |   |   |   |   |   | (89,833,067 | ) |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total stockholders' equity                 |   |   | 9,545,270 |   |   |   | - |   |   |   | 9,545,270 |   |
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total liabilities and stockholders' equity |   | $ | 9,571,487 |   |   | $ | 769,175 |   |   | $ | 10,340,662 |   |

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| KENT INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |   |
|----------------------------------------------------|--------|
| PRO FORMA STATEMENT OF OPERATIONS                  |   |
| For the Year Ended December 31, 2010               |   |
|                                               |   |   |   |   |   |   |   |   |   |
|                                               |   | Historical Amounts |   |   | 4211 Cedar Springs |   |   | Pro Forma Amounts |   |
| Revenues:                                          |   |   |   |   |   |   |   |   |   |
|   Rental Income                          |   |   |   |   | $ | 810,562 |   |   | $ | 810,562 |   |
|   Expense reimbursement                  |   |   |   |   |   | 2,817 |   |   |   | 2,817 |   |
|   Other income                           |   | $ | 704 |   |   |   |   |   |   |   | 704 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total revenues             |   |   | 704 |   |   |   | 813,379 |   |   |   | 814,083 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|   Operating and maintenance expenses     |   |   |   |   |   |   | 248,207 |   |   |   | 248,207 |   |
|   Property taxes and insurance           |   |   |   |   |   |   | 75,740 |   |   |   | 75,740 |   |
|   General and administrative expenses    |   |   | 368,036 |   |   |   |   |   |   |   | 368,036 |   |
|   Depreciation and amortization          |   |   |   |   |   |   | 304,639 |   |   |   | 304,639 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|     Total expenses             |   |   | 368,036 |   |   |   | 628,586 |   |   |   | 996,622 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before other income (expense)        |   |   | (367,332 | ) |   |   | 184,793 |   |   |   | (182,539 | ) |
| Other income (expense)                             |   |   |   |   |   |   |   |   |   |   |   |   |
|   Interest revenue                       |   |   | 9,381 |   |   |   |   |   |   |   | 9,381 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                  |   |   | (357,951 | ) |   |   | 184,793 |   |   |   | (173,158 | ) |
| Provision for income taxes                         |   |   | 1,090 |   |   |   |   |   |   |   | 1,090 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (loss)                                  |   | $ | (359,041 | ) |   | $ | 184,793 |   |   | $ | (174,248 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income (loss) per common share           |   | $ | (0.10 | ) |   | $ | 0.05 |   |   | $ | (0.05 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic weighted average number of common            |   |   |   |   |   |   |   |   |   |   |   |   |
|    Common shares outstanding        |   |   | 3,555,488 |   |   |   | 3,555,488 |   |   |   | 3,555,488 |   |

----

|                                      |   | Allocated Value |      |
|-------------------------------------------|--------|-----------------|-----------|
|                                      |   |            |      |
| Land                                      |   | $               | 1,280,000 |   |
| Buildings                                 |   |            | 1,130,292 |   |
| Improvements                              |   |            | 529,387   |   |
| Leases in place value                     |   |            | 1,624,052 |   |
| Unamortized tenant improvement allowances |   |            | 530,444   |   |
| Below market lease value acquired         |   |            | (769,175  | ) |
|                                      |   |            |      |   |
|                                      |   | $               | 4,325,000 |   |

----

| Assets:                                   |   | Basis  |      |   | Approximate Pro Forma Depreciable Life |   |   | Pro Forma Expense for the Year Ended December 31, 2010 |   |
|-------------------------------------------|--------|--------|-----------|--------|----------------------------------------|--------|--------|--------------------------------------------------------|--------|
|                                      |   |   |      |   |                                   |   |   |                                                   |   |
| Land                                      |   | $      | 1,280,000 |   |                                   |   |   |                                                   |   |   |
| Buildings                                 |   |   | 1,130,292 |   |                                   |   | 20     |                                                   |   | $ | 56,515 |   |
| Improvements                              |   |   | 529,387   |   |                                   |   | 7      |                                                   |   |   | 75,627 |   |
| Leases in place value                     |   |   | 1,624,052 |   |                                   |   | 7      |                                                   |   |   | 232,007 |   |
| Unamortized tenant improvement allowances |   |   | 530,444   |   |                                   |   | 12     |                                                   |   |   | 44,204 |   |
|                                      |   |   |      |   |                                   |   |   |                                                   |   |   |   |   |
|                                      |   |   |      |   |                                   |   |   |                                                   |   |   |   |   |
|                                      |   | $      | 5,094,175 |   |                                   |   |   |                                                   |   | $ | 304,639 |   |

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